By Brad Wallace
In March, Ryan began to closely follow the potential 2021 Nashville property tax increases proposed by Mayor John Cooper. On April 28, 2020, the mayor announced his push again via press conference. While the mayor’s first-round budget proposal reflects a possible 32% increase in the property tax rate, the budget and rate must be approved by the Metro Council prior to June 30. In the past two years, proposals to increase the property tax rate by as much as 15% were opposed by a majority of the council members and the current mayor and were defeated. However, the recent tornados and the ongoing COVID- 19 crisis have impacted budget reserves and tax collections. Opposing budget proposals will likely be introduced, thus the eventual 2020 rate may be different than the mayor’s first proposal.
Please reach out to the experts at Ryan regarding this ongoing issue. If you have any questions, please visit our COVID-19 Updates site, as our experts are in constant contact with the jurisdictions and make updates to the site as notifications become available.
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